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| House sales hit new 30-year low | House sales hit new 30-year low |
| (about 7 hours later) | |
| The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics). | The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics). |
| Estate agents sold on average under one property per week each in September. | |
| The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year. | The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year. |
| London was the region with fewest sales per estate agent, at an average of just eight in the previous three months. | London was the region with fewest sales per estate agent, at an average of just eight in the previous three months. |
| And nationwide 91% of estate agents, saw prices fall over the preceding three months. | And nationwide 91% of estate agents, saw prices fall over the preceding three months. |
| "As it stands, only those with significant finances are in a position to access the market," said Rics spokesman Jeremy Leaf. | "As it stands, only those with significant finances are in a position to access the market," said Rics spokesman Jeremy Leaf. |
| "The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come." | "The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come." |
| Lenders such as the Halifax and the Nationwide have reported that prices have fallen by 12% in the past year. | Lenders such as the Halifax and the Nationwide have reported that prices have fallen by 12% in the past year. |
| Stamp duty | Stamp duty |
| Despite this picture, Rics took some encouragement from a slight improvement in the number of new enquiries from would-be buyers, which it said was a "lead indicator" of activity. | Despite this picture, Rics took some encouragement from a slight improvement in the number of new enquiries from would-be buyers, which it said was a "lead indicator" of activity. |
| The proportion of surveyors reporting a rise in enquiries was at its best for 16 months, though they were still outnumbered by those reporting a fall. | The proportion of surveyors reporting a rise in enquiries was at its best for 16 months, though they were still outnumbered by those reporting a fall. |
| The balance between those reporting a fall compared with a rise in enquiries stood at 17%, smaller than the 27% gap seen in August. | The balance between those reporting a fall compared with a rise in enquiries stood at 17%, smaller than the 27% gap seen in August. |
| "The market has still yet to experience significant numbers of forced sales but surveyors are surprisingly optimistic that sales will increase over the next three months," said Rics. | "The market has still yet to experience significant numbers of forced sales but surveyors are surprisingly optimistic that sales will increase over the next three months," said Rics. |
| One reason for the improvement in enquiries may have been the clarification, at the start of September, of the government's plans temporarily to raise to £175,000 the starting point for stamp duty on property sales. | One reason for the improvement in enquiries may have been the clarification, at the start of September, of the government's plans temporarily to raise to £175,000 the starting point for stamp duty on property sales. |
| The uncertainty about this had been widely blamed for deterring even more potential buyers during the summer months. | The uncertainty about this had been widely blamed for deterring even more potential buyers during the summer months. |